Payroll Tax Attorneys Boca Raton
If you have a business, you have taxes. Every year, new businesses get in trouble with the IRS and the Florida Department of Revenue for not correctly paying their taxes. The types of taxes they are seeking include:
- Employment taxes
- Payroll taxes
- Florida sales tax
- Income tax
Failure to pay your taxes correctly can not only threaten your business, it can threaten your freedom. Florida gains much of its revenue through sales taxes. They will act aggressively to collect if you fail to turn it in on time. The IRS, on the other hand, will do the same if you fail to pay your payroll tax.
What Are Payroll Taxes?
Payroll taxes are the share of your employee’s taxes you must pay as an employer to the federal government. In return for doing this, you get to have employees on your staff and have certain rights over their activities according to law. Payroll taxes are also a significant portion of the revenue for the U.S. Treasury. Small wonder then that the IRS will take action if they feel that a business sending off payroll taxes like they should.
Do I Have to Pay Payroll Taxes In Boca Raton If I’m Self-Employed?
You have to pay payroll taxes even if you are self-employed. It’s not technically called payroll taxes, in this case. Instead, it’s called self-employment tax. But self-employment tax is the portion of your taxes that your employer would have paid had you been an employee. This tax is important to pay not just because it’s required by law, but it is the portion of your taxes that will count towards your Social Security payments in the future. This tax often catches new freelancers by surprise because they’re used to the tax burden they had as an employee and don’t realize they have new taxes to pay.
Should I Pay My Payroll Out Of My Tax Money?
One scenario you must avoid, and that we’ve seen all too often, is to pay your payroll out of the money set aside for taxes. This may keep your workers happy, but it will come back to bite you hard when the government discovers you’re not sending the full payment. And when they do, you’ll often be hit with extra penalties and interest on top of what you owe. This can shut your business down. It is always better for the health of your business to pay the taxes you owe.
Who Do I Call About Payroll Taxes?
Do you know how much you have to pay and when you have to pay? Are you aware of all of your tax liabilities? Hire Zuckerman Law today to learn about the taxes you need to pay, how much they are, how to calculate them, and how to send them in. Our attorneys have decades of experience helping the citizens of South Florida, from Boca Raton to Fort Lauderdale and beyond, with their tax question. Whether you’re a new business wanting to start on the right foot or a struggling one that’s receiving tax notices from the IRS and Florida DOR, we can help. Contact us today by calling our offices or filling out the intake form on the Contact Us page.